Latest Media Quote: (Reuters) Early US Copper Sinks…

NEW YORK July 1 (Reuters) – U.S. copper futures lost more than 2 percent of their value Thursday morning, hit by further bouts of risk aversion after moderating manufacturing data around the world reinforced views of a slower second-half
economic recovery.

For detailed report on global copper markets, click on [MET/L]

* Copper for September delivery HGU0 down 7.10 cents, or 2.4 percent, at $2.8795 per lb by 10:33 a.m. EDT (1433 GMT) on the COMEX metals division of the New York Mercantile Exchange.

* Session range extended down from $2.9360 to $2.8720.

* COMEX estimated volume at 19,991 lots by 10 a.m.

* China’s official purchasing managers’ index fell to 52.1 in June from 53.9 in May, knocked by government measures to cool the property market and restrain bank lending. [ID:nLDE660018]

* Data a sign that Beijing’s tightening measures gaining traction – MF Global analyst Edward Meir.

* Euro zone manufacturing slowed in June to its weakest growth rate in four months, while UK manufacturing also slowed in June from a previous 15-year high. [ID:nSLAUHE67Q] [ID:nSLAUHE67T]

* U.S. manufacturing sector grew for an 11th straight month in June, but at a slower rate than expected, with employment component falling to 57.8 from 59.8 and new orders down at 58.5 — suggesting moderating growth. [ID:nN01107449]

* Copper’s breakdown from April peak indicated a definite slowdown in the economy, with economic data now reflecting that move – Adam Sarhan, chief executive of Sarhan Capital.

* Separate data showed U.S. pending home sales plunged 30 percent in May, construction spending dipped 0.2 percent in May, and new jobless claims unexpectedly rose last week. [ID:nN01123845] [ID:nN01107386] [ID:nN01108492]

* London Metal Exchange copper stocks <0#LME-STOCKS> dropped 1,675 tonnes to 449,425 tonnes on Thursday.

* COMEX copper inventories <COMEX/WHSTAT> flat at 101,925 short tons on Wednesday.

* LME copper for three-months delivery CMCU3 at $6,361 per tonne, down from $6,510 at Wednesday’s close. (Reporting by Chris Kelly; Editing by Walter Bagley)

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2 replies
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